- Our outlook for Philippines' construction industry remains positive and we forecast real growth of 7.5%and 8.9% in 2016 and 2017 respectively, and an annual average growth of 8% over our ten-year forecastperiod to 2025.

- President Rodrigo Duterte's announcement his administration would honour existing governmentcontracts and projects awaiting implementation and speed up the roll-out of projects under the PPPprogramme by streamlining the procurement system and reducing red tape. This bodes well for theconstruction and infrastructure sector. We expect rail and airport projects to gain traction and a slowtransition from coal to renewables.

- We also forecast strong growth for the Philippines' residential and non-residential construction industry,supported by structural growth fundamentals which are likely to boost demand for residential buildings,while efforts to develop the country's tourism industry will continue to drive non-residential construction.

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